UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1995, or
/ / Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File No. 2-81398B
PARKER & PARSLEY 83-B, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1907245
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes /x/ No / /
Page 1 of 13 pages.
There are no exhibits.
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $227,567 at September 30
and $159,815 at December 31 $ 227,817 $ 160,065
Accounts receivable - oil and gas sales 174,365 191,818
---------- ----------
Total current assets 402,182 351,883
Oil and gas properties - at cost, based on the
successful efforts accounting method 21,408,427 21,858,131
Accumulated depletion (14,553,737) (14,501,231)
---------- -----------
Net oil and gas properties 6,854,690 7,356,900
---------- ----------
$ 7,256,872 $ 7,708,783
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 88,220 $ 60,643
Partners' capital:
Limited partners (23,370 interests) 6,392,733 6,829,253
General partners 775,919 818,887
---------- ----------
7,168,652 7,648,140
---------- ----------
$ 7,256,872 $ 7,708,783
========== ==========
The financial information included as of September 30, 1995 has been
prepared by management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
--------------------- -----------------------
1995 1994 1995 1994
--------- --------- ---------- ----------
Revenues:
Oil and gas sales $ 431,336 $ 506,632 $1,389,824 $1,435,910
Interest income 4,162 2,260 10,172 4,594
Gain on abandoned property 776 - 35,073 -
Other income - 198 - 198
-------- -------- --------- ---------
Total revenues 436,274 509,090 1,435,069 1,440,702
Costs and expenses:
Production costs 240,174 281,630 712,079 831,859
General and administrative
expenses 14,985 17,989 45,578 49,077
Depletion 146,934 138,937 475,229 493,054
Abandoned property costs 17,725 - 37,105 -
-------- -------- --------- ---------
Total costs and expenses 419,818 438,556 1,269,991 1,373,990
-------- -------- --------- ---------
Net income $ 16,456 $ 70,534 $ 165,078 $ 66,712
======== ======== ========= =========
Allocation of net income (loss):
General partners $ 29,394 $ 39,197 $ 114,016 $ 92,099
======== ======== ========= =========
Limited partners $ (12,938) $ 31,337 $ 51,062 $ (25,387)
======== ======== ========= =========
Net income (loss) per limited
partnership interest $ (.56) $ 1.34 $ 2.18 $ (1.09)
======== ======== ========= =========
Distributions per limited
partnership interest $ 7.00 $ 6.00 $ 20.86 $ 16.70
======== ======== ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
Balance at January 1, 1994 $ 904,243 $ 7,549,449 $ 8,453,692
Distributions (137,289) (390,334) (527,623)
Net income (loss) 92,099 (25,387) 66,712
--------- ---------- ----------
Balance at September 30, 1994 $ 859,053 $ 7,133,728 $ 7,992,781
========= ========== ==========
Balance at January 1, 1995 $ 818,887 $ 6,829,253 $ 7,648,140
Distributions (156,984) (487,582) (644,566)
Net income 114,016 51,062 165,078
--------- ---------- ----------
Balance at September 30, 1995 $ 775,919 $ 6,392,733 $ 7,168,652
========= ========== ==========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income $ 165,078 $ 66,712
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion 475,229 493,054
Gain on abandoned property (35,073) -
Other income - (198)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 17,453 (11,381)
Increase in accounts payable 27,577 44,375
--------- --------
Net cash provided by operating activities 650,264 592,562
Cash flows from investing activities:
Disposals of oil and gas properties 26,981 2,001
Proceeds from equipment salvage on abandoned
property 35,073 -
--------- --------
Net cash provided by investing activities 62,054 2,001
Cash flows from financing activities:
Cash distributions to partners (644,566) (527,623)
--------- --------
Net increase in cash and cash equivalents 67,752 66,940
Cash and cash equivalents at beginning of period 160,065 125,409
--------- --------
Cash and cash equivalents at end of period $ 227,817 $ 192,349
========= ========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of September
30, 1995 of Parker & Parsley 83-B, Ltd. (the "Registrant") include all
adjustments and accruals consisting only of normal recurring accrual adjustment
which are necessary for a fair presentation of the results for the interim
period. However, the results of operations for the nine months ended September
30, 1995 are not necessarily indicative of the results for the full year ending
December 31, 1995.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1994, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The May 25,
1993 settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter- partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of
$11,250,167, or $481.39 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the
6
<PAGE>
Beaumont trial judge entered a summary judgment against Southmark for the
$13,790,000 contingent fee sought by Price, together with prejudgment interest,
and also awarded Price an additional $5,498,525 in attorneys' fees. Southmark
intends to vigorously pursue appeal of the judgment. The summary judgment did
not give Price any relief against the Registrant, and although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP is
holding in reserve approximately 12.5% of the total settlement pending final
resolution of the litigation by the court. Trial against the Registrant is
currently scheduled for April 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed September 27, 1983. The general partners of the
Registrant at December 31, 1994 were Parker & Parsley Development Company
("PPDC") and P&P Employees 83-B, Ltd., ("EMPL"), a Texas limited partnership
whose general partner is PPDC, and 1,523 limited partners. On January 1, 1995,
PPDLP, a Texas limited partnership, became the managing general partner of the
Registrant and EMPL, by acquiring the rights and assuming the obligations of
PPDC. PPDC was merged into PPDLP on January 1, 1995. PPDLP's co-general partner
is EMPL. PPDLP acquired PPDC's rights and obligations as managing general
partner of the Registrant in connection with the merger of PPDC, P&P Producing,
Inc. and Spraberry Development Corporation into MidPar LP., which survived the
merger with a change of name to PPDLP. The sole general partner of PPDLP is
Parker & Parsley Petroleum USA, Inc. PPDLP has the power and authority to
manage, control and administer all Registrant affairs. The limited partners
contributed $23,370,000 representing 23,370 interests ($1,000 per interest).
Since its formation, the Registrant invested $23,836,190 in various prospects
that were drilled in Texas. At September 30, 1995, the Registrant had 46
producing oil and gas wells; three wells were sold in 1994 and ten wells were
plugged and abandoned due to unprofitable operations; one in 1985, one in 1987,
two in 1989, one in 1990, two in 1991, one in 1993 and two in 1995. The
Registrant received interests in eight additional wells in 1993 due to the
Registrant's back-in after payout provisions.
RESULTS OF OPERATIONS
Nine months ended September 30, 1995 compared with nine months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $1,389,824 from $1,435,910
for the nine months ended September 30, 1995 and 1994 respectively, a decrease
of 3%. The decrease in revenues resulted from a 15% decline in barrels of oil
produced and sold and a decrease in the average price received per mcf of gas,
offset by a 10% increase in mcf of gas produced and sold and an increase in the
price received per barrel of oil. For the nine months ended September 30, 1995,
57,970 barrels of oil were sold compared to 68,290 for the same period in 1994,
a decrease of 10,320 barrels. For the nine months ended September 30, 1995,
230,256 mcf of gas were sold compared to 209,490 for the same period in 1994, an
increase of 20,766 mcf. The decrease in
7
<PAGE>
oil production was primarily due to the decline characteristics of the
Registrant's oil and gas properties. The increase in gas production was due to
operational changes on several wells. Management expects a certain amount of
decline in production in the future until the Registrant's economically
recoverable reserves are fully depleted.
The average price received per barrel of oil increased $1.53, or 10%, from
$15.80 for the nine months ended September 30, 1994 to $17.33 for the same
period in 1995 while the average price received per mcf of gas decreased from
$1.70 for the nine months ended September 30, 1994 to $1.67 for the same period
in 1995. The market price for oil and gas has been extremely volatile in the
past decade, and management expects a certain amount of volatility to continue
in the foreseeable future. The Registrant may therefore sell its future oil and
gas production at average prices lower or higher than that received during the
nine months ended September 30, 1995.
A gain on abandoned property of $35,073 was recognized during the nine months
ended September 30, 1995, resulting from proceeds received from equipment
credits on one fully depleted property. There were abandoned property costs of
$37,105 for the nine months ended September 30, 1995 consisting of the expense
to plug and abandon two previously productive wells. There were no abandoned
property costs for the same period in 1994.
COSTS AND EXPENSES:
Total costs and expenses decreased to $1,269,991 for the nine months ended
September 30, 1995 as compared to $1,373,990 for the same period in 1994, a
decrease of $103,999, or 8%. This decrease was due to declines in production
costs, general and administrative expenses ("G&A") and depletion, offset by an
increase in abandoned property costs.
Production costs were $712,079 for the nine months ended September 30, 1995 and
$831,859 for the same period in 1994 resulting in a $119,780 decrease, or 14%.
The decrease was due to declines in well repair and maintenance costs and ad
valorem taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 7% from $49,077 for the nine months ended
September 30, 1994 to $45,578 for the same period in 1995.
Depletion was $475,229 for the nine months ended September 30, 1995 compared to
$493,054 for the same period in 1994. This represented a decrease in depletion
of $17,825, or 4%. Depletion was computed quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 10,320 barrels for the nine
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the nine months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.38 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 and June 30, 1994 was
calculated based on reserves computed utilizing an oil price of $18.29 per
barrel while depletion expense for the three months ended March 31, 1994 was
calculated based on reserves computed utilizing an oil price of $12.79 per
barrel.
8
<PAGE>
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$11,250,167, or $481.39 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
Three months ended September 30, 1995 compared with three months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $431,336 from $506,632 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
15%. The decrease in revenues resulted from a 19% decline in barrels of oil
produced and sold and a decrease in the average prices received per barrel of
oil and mcf of gas, offset by a 17% increase in mcf of gas produced and sold.
For the three months ended September 30, 1995, 18,192 barrels of oil were sold
compared to 22,339 for the same period in 1994, a decrease of 4,147 barrels. For
the three months ended September 30, 1995, 84,151 mcf of gas were sold compared
to 71,773 for the same period in 1994, an increase of 12,378 mcf. The decrease
in oil production was primarily due to the decline characteristics of the
Registrant's oil wells. The increase in gas production was due to operational
changes on several wells.
9
<PAGE>
The average price received per barrel of oil decreased $.77, or 4%, from $17.39
for the three months ended September 30, 1994 to $16.62 for the same period in
1995, while the average price received per mcf of gas decreased 7% from $1.65
for the three months ended September 30, 1994 to $1.53 for the same period in
1995.
A gain on abandoned property of $776 was recognized during the three months
ended September 30, 1995, resulting from proceeds received from equipment
credits on one fully depleted property. There were abandoned property costs of
$17,725 for the three months ended September 30, 1995 consisting of the expense
to plug and abandon one previously productive well. There were no abandoned
property costs for the same period in 1994.
COSTS AND EXPENSES:
Total costs and expenses decreased to $419,818 for the three months ended
September 30, 1995 as compared to $438,556 for the same period in 1994, a
decrease of $18,738, or 4%. This decrease was due to declines in production
costs and G&A, offset by an increase in abandoned property costs and depletion.
Production costs were $240,174 for the three months ended September 30, 1995 and
$281,630 for the same period in 1994 resulting in a $41,456 decrease, or 15%.
The decrease consisted of a decline in well repair and maintenance costs and
production taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 17% from $17,989 for the three months ended
September 30, 1994 to $14,985 for the same period in 1995.
Depletion was $146,934 for the three months ended September 30, 1995 compared to
$138,937 for the same period in 1994. This represented an increase in depletion
of $7,997, or 6%. Depletion was calculated quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 4,147 barrels for the three
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the three months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.38 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 was calculated based on
reserves computed utilizing an oil price of $18.29 per barrel.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities increased to $650,264 during the nine
months ended September 30, 1995, a 10% increase from the same period ended
September 30, 1994. The increase was due to a decline in production costs and
G&A, offset by an increase in abandoned property costs and a decline in oil and
gas sales. The decline in production costs was due to less well repair and
maintenance costs. The decrease in G&A was due to less allocated expenses by
10
<PAGE>
the managing general partner. The increase in abandoned property costs was due
to the plugging and abandonment of two previously productive wells. The decrease
in oil and gas sales was due to a decrease in barrels of oil produced and sold
and a decrease in the average price received per mcf of gas, offset by an
increase in mcf of gas produced and sold and an increase in the average price
received per barrel of oil.
NET CASH PROVIDED BY INVESTING ACTIVITIES
The Registrant received $26,981 and $2,001 during the nine months ended
September 30, 1995 and 1994, respectively, from the disposal of oil and gas
equipment on active properties.
Proceeds of $35,073 were received from the salvage of equipment on one well
abandoned during the nine months ended September 30, 1995.
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $644,566 of which $487,582 was distributed to
the limited partners and $156,984 to the general partners. For the same period
ended September 30, 1994, cash was sufficient for distributions to the partners
of $527,623 of which $390,334 was distributed to the limited partners and
$137,289 to the general partners.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
ACCOUNTING STANDARD ON IMPAIRMENT OF LONG-LIVED ASSETS
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 - Accounting for Impairment of Long-lived
Assets and for Long-lived Assets to Be Disposed Of ("FAS 121") regarding the
impairment of long-lived assets, identifiable intangibles and goodwill related
to those assets. FAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995, although earlier adoption is encouraged. The
application of FAS 121 to oil and gas companies utilizing the successful efforts
method (such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows expected to
result from the use of such assets and, if so, will require reduction of the
carrying amount of the "impaired" assets to their estimated fair values. There
is currently a great deal of uncertainty as to how FAS 121 will apply to oil and
gas companies using the successful efforts method, including uncertainty
regarding the determination of expected future cash flows from the relevant
assets and, if an impairment is determined to exist, their estimated fair value.
There is also uncertainty regarding the level at which the test might be
applied. Given this uncertainty, the Registrant is currently unable to estimate
the effect that FAS 121 will have on the Registrant's results of operations for
the period in which it is adopted.
11
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$11,250,167, or $481.39 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
12
<PAGE>
PARKER & PARSLEY 83-B, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PARKER & PARSLEY 83-B, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA") General Partner
Dated: November 9, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000743457
<NAME> 83B.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 227,817
<SECURITIES> 0
<RECEIVABLES> 174,365
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 402,182
<PP&E> 21,408,427
<DEPRECIATION> 14,553,737
<TOTAL-ASSETS> 7,256,872
<CURRENT-LIABILITIES> 88,220
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,168,652
<TOTAL-LIABILITY-AND-EQUITY> 7,256,872
<SALES> 1,389,824
<TOTAL-REVENUES> 1,435,069
<CGS> 0
<TOTAL-COSTS> 1,269,991
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 165,078
<INCOME-TAX> 0
<INCOME-CONTINUING> 165,078
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 165,078
<EPS-PRIMARY> 2.18
<EPS-DILUTED> 0
</TABLE>
